Government assures citizens as India has enough fuel reserves amid the ongoing West Asia crisis, PM Modi renews appeal to save fuel and reduce imports.
The Centre assured the citizens of India on Monday, that there is no shortage of petroleum products in the country despite the ongoing war tension in West Asia. This comes after a day when PM Modi urged the people of India to conserve fuel and avoid unnecessary gold purchases in order to avoid dependence on imported goods.
Amid the global crude oil rates, the government informed people, said, public sector oil marketing companies are absorbing the losses of nearly ₹ 1000 crore per day to prevent surging of fuel prices.
What government said, PM repeats appeal
Defence minister Rajnath Singh chaired the fifth meeting of the Informal Group of Ministers (IGoM) on West Asia on Monday. Ministers handling petroleum, railways, civil aviation and ports attended the meeting to review energy supply risks and essential commodities.
According to the government, India currently has enough crude oil and natural gas reserves for around 60 days, while LPG stock can last nearly 45 days.
“There is no reason for anxiety, and no reason for any citizens to rush to retail outlets,” the Press Information Bureau (PIB) said.
Officials also informed ministers that India’s foreign exchange reserves stand at nearly $703 billion.
The Centre admitted that high international crude prices are putting financial pressure on the country.
“Fuel conservation can ease this burden. Prime Minister Shri Narendra Modi’s appeal (Hyderabad) to the people… emphasised prudence in usage of petroleum products and reducing wasteful consumption, so that the fiscal burden on the nation is reduced in the present and into the future,” the release said.
Speaking later in Gujarat, PM Modi repeated his appeal.
He further stressed, “India spends lakhs of crores of rupees in foreign exchange to import many products from abroad. At the same time, the prices of imported goods are soaring, and global supply chains have also been severely disrupted. Just as every drop fills a pot, every small and big effort matters. We must reduce the use of products that come from abroad and avoid unnecessary dependence on imported goods in our daily lives, and also avoid such personal activities that involve spending foreign exchange.”
Oil companies’ losses amid war
The government said India remains among the few countries where fuel prices have remained stable despite more than 70 days of volatility linked to the West Asia conflict.
“In many nations, prices have increased by 30 to 70 per cent. However, India’s oil marketing companies have absorbed losses of close to ₹1,000 crore a day, with under-recoveries running to nearly ₹2 lakh crore in [the first quarter of the current fiscal year], so that the burden of global astronomical prices is not passed to the Indian citizens,” the statement said.
Opposition parties have repeatedly warned that consumers may eventually face the burden of rising crude prices.
‘Atmosphere being created’ for price rise: Opposition
Congress leader Rahul Gandhi criticised PM Modi’s austerity appeals, calling them “proofs of failure”.
“In 12 years, he’s brought the country to such a pass that the public has to be told what to buy, what not to buy, where to go, where not to go,” he wrote, describing Modi as a “compromised PM” no longer capable of running the country.
Senior Congress leader Jairam Ramesh said tougher economic measures, including fuel price hikes, may follow.
“A phase of stringent cost-cutting measures, including a hike in fuel prices, may be on the horizon, and an atmosphere is being created to make them more acceptable,” he said.
Samajwadi Party chief Akhilesh Yadav and RJD leader Tejashwi Yadav also criticised the government’s appeal.
PM Modi has additionally faced criticism online for continuing roadshows and planned foreign visits despite urging fuel conservation. BJP IT cell chief Amit Malviya defended the PM, saying he was encouraging “conscious choices in the national interest”.
The US-Iran war remains under a fragile ceasefire, though the blockade of the Strait of Hormuz continues to raise concerns over global oil supplies.
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